Affordable Housing, One Unit at a Time

AYCO, a nonprofit that serves the East African immigrant and refugee community, wanted to purchase a building that would provide stability and let them grow. A conventional loan, however, was not consistent with Islamic law. Craft3’s Shari’a-compliant Musharakah financing let them purchase an 18,000 square foot building that will become the Dream Center.

Aminta and Ana had run a bakery in a leased space for many years. They were motivated to purchase a building that could become a flagship location, help them build generational wealth, and safeguard against displacement. The Craft3 lending team crunched the numbers and tested financial projections so the sisters could secure a loan to let them acquire a property and finance renovations.

Sundown first learned about Craft3 through an online search for local funding options for his startup food business. When he reached out in late 2019, a Craft3 lender recommended he work with the local Small Business Development Center on a business plan.